Elon Musk has reportedly fired some executives and employees of Twitter in a manner that saves the company millions of dollars in the process.
Upon taking over the social media company this week, the self-proclaimed"Chief Twit" cast out four of the top executives"for cause" in an apparent effort to avoid paying them their multimillion-dollar severance packages, per a report from the Information.
Another way Musk is saving money while firing employees is doing so before Nov. 1 so that they will no longer receive stock grants as part of their compensation, per a report from the New York Times. The report also says the company will have to pay the fired employees compensation in cash instead of grants and that layoffs are expected to affect around 50% of the company's workforce.The mass firings come as Musk vows to make swift changes at the social media giant since formally taking over Thursday after the close of a $44 billion acquisition, including proposing a council to oversee content moderation decisions and a reported end to permanent bans on the platform.
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